Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1887-12-09
THE PRESIDENTS MESSAGE
THE TARIFF ASSAllED IN A FREE
TRADE HARANGUE.
A Reiuvenation of stale and FallaciOus
Arguments-No specific RecOmmeu-
datious Made-But Little Inlorma-
Another to Follow.

WAsMNGToN, Dec. 6.-After addressing
Congress in the usual formal manner,
the president begins his message by call
ing the attention of the members of that
body to the condition of the national
finances, which, he says, demands imme-
diate and careful consideration.
The amount of money annually eX8cted
through the present laws, he says, from
the Industries and necessities of the peo-
pie, largely exceeds the sum necessary to
meet the expenses of the government.
When we consider that the theory of our
Institutions guarantees to every citizen
the full enjoyment of all the fruits of his
industry and enterprise, with only such
deduction as may be his share toward the
careful and economical maintenance OF
the government, it is plain that the eXac-
tion of more than this is an indefeusible
eXtortion and culpable betrayal of y Amer
lean fairness and justice. Tnis wrong in
tllcted upon those who bear the burden OF
national taxation, like other wrongs,
multiples a brood of evil consequences.
The public treasury which should only
exist as a conduit, conveying the peoples
tribute to its legitimate objects, becomes
a boarding place for money needessly
withdrawn from trade and the peoples
use, thus crippling our national en-
ergies, suspending our countrys devel-
opment, preventing investment in pro-
ductiNe, enterprise, threatening financial
disturbance aud inviting schemes of pub
lie plunder. In dwelling upon this fiuan-
cial condition with reference to pre-
NlOus attempts to secure remedial leglsla-
lion, the president asserts that the con-
tlnuance Of this condition with its in-
creaslug aggravated incidents, presGges
financial CONFUSION and wide spread
disaster. 1t will not do, he SAYS, TO
neglect this situation, because its dangers
are not now palpably imminent and ap-
parent. They exist none the less certain
y and await the unforeseen and uneX-
pected occasion when they VIII be pre-
clpltated upon US.
THE SURPLUS.
The president then quotes from the treas
ury figures to show that on the Both day
of June, 1850, the excess OF TIE revenues
over the public expenditures, after com
plying with the annual requirements of
the sinking fund act, was Sl7 1853, ,735 81
during the year 1856, such excess amount
ed to $40, ,405, ,545.20, and during the year
ending June 3D. 1887. it reached 800, ,5G1,-
$40. 81
The president then reviews the opera
tions oil the treasury department by which
the three, four and four and half per
cent bonds were redeemed, the latter two
at q premium, i'll order to relieve the
s-rlngency OF the money market, and
avert what ut that time seemed great
financial peril. Yet Notwithstanding that
the sum of Sl3S, ,05S 320 a was paid into
the sinking fund during,the years 1850,
1856 and 1857 the surplus had so in.
creased that these acts of the treasury
department were absolutely necessary.
OF this surplus 81, ,S54, 100 was applied to
the payment OF the principal and interest
of the per cent bonds still outstanding
which were then payable at the option
of tie government. P IN SIS ,S77 800 more
was applied 10 tn ~ mem of the
principal and lntel the remaining
per cents AS financial dis
tress still existed S21,6S4 2s3 80 was
expended in the purchase of and A., pei
cent bonds not yet due, the premiums or
these bonds being "A per cent for the for
mer and per cent for the latter. Not
Wlthstandlug these and other opera
tons TO release to the people the none Y
lying idle in the treasury, which served tC
avert immediate danger our surplus
revenues have continued to accumulate
the excess for the present year amount
ing on the first day of December to 500,
21S, dOl. ~, and estimated to reach $ll3
10000 on the 30Jh of June next, on which
date 1t Is expected that this sum, added tC
the prior accumulations, will swell the
such withdrawal Of the circulating
medium seems likely in the future TO sub
ject our business community to the sam,
distress that has existed under previou.
similar conditions.
THE FuNCTIONs or THE TREASURY.
The president expresses the be
lief that the functions of th
treasury should be very simple
and should as far as possible b
disconnected from private business in
,erests, vet when by a perversion of it
purposes it idly holds money uselessl,
suhstracted from the channels of trade
there seems to be reason for the CLAIM
chat some legitimate means should b.
devised by the government 10 restore il
IN emergency without waste or eXtrav
'4ance, such money to its place among
'HH '"' ME.
uc" an emergency arises, there nov
exists no clear and un1oubted eXecutiv,
power OF relief. Heretofore the redemp
tlou OF per cent bonds, which were pay
able at the option of the government, af
! forded means for the disbursement O
the excess of our revenues, but thes,
bonds have now all been retired and Their
are no bonds outstanding the payment O
"hlch we nave the right to insist upon.
THE PURCHASE OF BONDS.
The contribution to the sinking funt
which furnishes the occasion for expen
diture in the purchase of bonds has al
ready been made for the current year, s.
tlat there is no outlet in that direction
The president refers to a bill passed man
years ago, authorizing the secretary o
the treasury to enter the open market A
his discretion and purchase bonds not We
due as the only pretense of any execu
tive power to restore at this time any par
of our surplus revenues to the people an
there is a general belief that this bill wa
passed to meet an emergency then exist
ing and was not intended to confer PEI
petual discretionary power upon the sec
retary of the treasury. No cOndito
should exist, which would Justify tn
grant of power to a single Official upo
his Judgment of it's necessity to Withhold
from or release to the business of the pee
pie in an unusual manner, money held /
the treasury and thus affect at hls wi
the financial situation OF the country
aud if such authority is TO be vested i
the secretary of the treasury it should l.